The latest report from property website Daft.ie shows that rents in Connacht fell by 0.3 per cent between June and September. In Mayo average rent fall in the third quarter of 2011 was €575, a fall of €140 from the peak.
Commenting on the nationwide report, Ronan Lyons, economist at Daft.ie, said: "It is significant that rents have now effectively been static for almost two years. However, differences between urban and rural areas persist, with greatest demand and smallest oversupply in Cork and Dublin in particular. The total stock of properties sitting on the rental market fell from 20,000 on July 1 to 16,000 on November 1. This is mainly due to a fall in properties in Dublin, where the stock has fallen by almost 60 per cent in two years. Any reform of rent allowance may have an impact on rents, especially in cheaper locations. Thus, the outlook for 2012 looks like one of different trends in urban and rural markets.
